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Project Summary — Greeley Irrigation Company — Contract No. C150239 SECTION 1 — BORROWER INFORMATION Name: Greeley Irrigation Company Address: 1135 8t' Avenue, Suite B, Greeley, CO 80631 Federal Identification No.: 84- 0217060 Contact: Donna Coble, Secretary/Treasurer Phone Number: 970 -353 -1292 E -mail address: southard @info2000.net Type of Entity: a Colorado nonprofit corporation Section 2 — Project Description A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used to rehabilitate and upgrade the Greeley Canal No. 3, located in Weld County, hereinafter referred to as the PROJECT, at an estimated total cost of $2,211,750. B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the PROJECT entitled "Feasibility Study," dated December 1, 2006, compiled by Aqua Engineering, Inc., which is incorporated herein by reference, and, based upon the feasibility report, the CWCB determined the PROJECT to be technically and financially feasible. SECTION 3 — CWCB'S AUTHORITY Severance Tax Trust Fund Perpetual Base Account: This loan is made pursuant to the provisions of §§ 39- 29- 109(1)(a)(1), 37 -60 -119 and 37 -60 -120, C.R.S., which authorize the CWCB to loan money for water projects from the CWCB Severance Tax Trust Fund Perpetual Base Account for the benefit of the people of the state, provided that the borrower assures repayment of that money. Section 37- 60- 122(1)(b) C.R.S., authorizes the CWCB to make loans of up to $5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust Fund Perpetual Base Account Fund without prior approval from the General Assembly SECTION 4 - BOARD APPROVAL At its January 2007 meeting, the CWCB approved a loan from the Severance Tax Trust Fund Perpetual Base Account to the BORROWER in an amount up to $2,211,750 for PROJECT costs, not to exceed 90% of the cost of the PROJECT, plus a loan origination fee of 1% in accordance with CWCB Policy No. 16, at an interest rate of 2.85% per annum for a repayment term of 30 years. SECTION 5 — SCHEDULE OF EXISTING DEBT No existing debt. SECTION 6 - COLLATERAL The collateral provided for this loan, as evidenced by the executed Security Appendix 1 to Loan Contract C150239 Page 1 of 3